ISLE OF MAN: CONSULTATION SEEKS VIEWS ON DORMANT ASSETS BILL

On 11th September, a news release from the Isle of Man Treasury announced a consultation on proposals designed to benefit the community by allowing money in dormant bank accounts held in the Island to be distributed to local good causes (which already happens in the UK).   The core objective of the Bill is to allow money held in dormant bank accounts to be transferred to a central fund and to allow a proportion of the amounts transferred to be distributed for charitable purposes in the Island.  In general, a bank account will be regarded as being dormant if a bank has lost contact with the account owner for at least 15 years.  The consultation runs to 19th October.

https://www.gov.im/news/2018/sep/11/consultation-seeks-views-on-dormant-assets-bill/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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